This is a rather long read form Der Spiegel, so, please enjoy the article at your leisure:
It was Monti, of all people, “Super Mario,” as he’s called in Berlin. The affable economics professor from Lombardy, the man the German Chancellery felt was the best thing that could have happened to Italy. The man who could “save Europe,” at least according to Time magazine.
It was Monti, of all people, who dropped the bomb at 7 p.m. last Thursday. At the European Council summit in Brussels, the Italian prime minister announced he would not agree to the growth pact unless the European heads of state and government did something about the high interest rates Italy is being forced to pay on its government bonds. And Monti wasn’t the only one. His Spanish counterpart, Mariano Rajoy, stood behind him.
Europe, and the World are now a very different place. Infighting, dis-unity, and angst about what is next…stay tuned!
Issuing Euro Bonds is yet another attempt to kick the can down the road. Every ‘stimulus’ is like giving blood transfusions to a dead body. You might get a twitch for a second, but you cannot magically transform debt into profit. Merkel is stuck because she’s outflanked by the Eurocrat arrogant parasites. When she goes to the German banks, they don’t want a political solution. They want collateral if they are going to make loans. My opinion only, of course.
We’ve been here before in 1931 when governments around the world decided that they would ‘beggar thy neighbor’ and revert to the Darwinian concept of international commerce.
Seems nobody remembers anymore and those who won’t learn from history are condemned to repeat it. The US in particular where a socialist meddler in the guise of Roosevelt actively forced the US into an additional 4 years of suffering when most of the rest of the world had already moved out of depression.
Folks in the States are going to die because of the current ‘bail-out’ and hope policies. Obama unlike Roosevelt will not be lauded as he has already spent his bounty of electoral goodwill and in the 21st. Century information leaks out to the folks who will judge him accordingly.
Germany gives in on this and suddenly their dominance has ended? Hardly.
Rancher wrote:
the debtors just told the lender to ‘eff off’. germany is no longer in the lead in the eu.
they can pretend to be in charge, but their dominance is over.
German should dump the EU and send all the Turks back to turkey. Islamist love to school in Germany because of its connection to the Holocaust.